Six Ways Modern Tech Has Changed the Way We Spend Money

Modern technology is continually playing an important role in our daily lives. Its influence is obvious. From the smartphones in our pockets changing the way we communicate, play games, buy groceries and bank to the intuitive computers helping us to drive the car and the smartwatches we wear to track our health and fitness. Most people’s lives today are assisted by innovative tech that is playing an increasingly crucial role in the way we do things, be that at work, at play, and even when we sleep.

Image by Witches Falls Cotages

Social Media Revolution

Social media – and our consistent interaction with it, particularly through apps on our smartphones – has changed the way we buy things by influencing the way brands market themselves to us. Traditionally, television commercials and full-page adverts in magazines were key ways for brands to advertise to consumers, but in the age of social media, customers want validation for spending money. Opinions of peers on social media are now crucial to whether we buy or ignore potential consumer goods. Brands have in turn aligned their efforts to today’s spending habits.

Communication

It won’t be long before a generation of young people will be entering adulthood having never sent a single letter (and perhaps never received one). The internet, and our access to it, through the technology we use today, has made communication both instant and far-reaching. With email, social media and video conferencing accessible to everyone with an internet connection, communication is more instantaneous than ever before. This impacts upon our ability to make a more informed decision when spending money. Research has shown that 36% of millennials will seek validation for a purchase from friends, while 37% will ask their parents.

Internet Banking & Cashless Payments

The rise of internet banking has put people in charge of their money with more urgency than ever before. Previously we waited for the monthly statement to arrive through the post in years gone by. Now consumers can track their spending habits within minutes of buying something. This has led to smarter spending because we’re more aware of our financial situation 24/7. Modern technology has also heralded the cashless society, with smartphone apps enabling us to pay for items without the need to carry cash or even a credit card.

Image by JeepersMedia

Shopping

Cashless payments are one way that modern tech has impacted the way we spend money today. But the high street has been forever changed in the wake of Amazon, eBay and other major online retailers’ rise in the internet age. It’s now not a requirement to physically buy our weekly groceries and browse the clothes shops for the weekend’s party attire. Now all that can be done from the comfort of home, be it sat in front of the laptop, tablet or smartphone. The retail experience is also a more informed one through the ways modern tech has disrupted communication.

Gambling

The digital age, particularly through smartphones, has transformed gambling into something mainstream. Increasing popularity of sports betting and online casino games has witnessed more disposable income spent on this easy access, convenient and entertaining leisure activity. New customers are often enticed by free spins of the roulette wheel such as those listed by Oddschecker, while long-term customers often receive loyalty bonuses to keep gaming fresh and exciting.

Travel

One of the great things about the internet age is helping us make better-informed decisions when spending money. Travel is one of those key markets. Not just in regards to looking at reviews and getting peer feedback, but we’re now able to explore locations and even hotel rooms themselves through immersive 3D photography. Not only that, but planning journeys is so much easier with the abundance of apps for smartphones helping travellers to know where to eat, where to explore, local culture and how to save money.

Modern tech is continuing to influence our lives in numerous ways. In fact, it’s not only having an impact on us at work and during our leisure time but even when we sleep. The smartphone, and its many uses, is the most obvious development in the way we use technology in our daily lives. From the way we drive to ordering the weekly groceries and answering the door with a smart doorbell, technology has transformed our lives in many subtle and not-so-subtle ways.

About Author
Jimmy is Tech blogger. He contributes to the Blogging, Gadgets, Social Media and Tech News section on TechnoIndian.

Comments

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